New chancellor Jeremy Hunt is set to press ahead with plans to scrap the cap on bankers' bonuses, according to reports, as the future of the surcharge tax on the sector's profits also remains uncertain.

Ahead of an emergency statement to parliament on 17 October, Hunt, who became chancellor after Kwasi Kwarteng was forced out amid market turmoil resulting from his 'mini-budget' last month, said he was reversing nearly all the government’s proposed tax cuts and will pare back an energy price cap.